Edgar Filing: EVERGREEN UTILITIES & HIGH INCOME FUND

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21507

Evergreen Utilities and High Income Fund

(Exact name of registrant as specified in charter)

200 Berkeley Street

Boston, Massachusetts 02116

(Address of principal executive offices) (Zip code)

Michael H. Koonce, Esq.

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 210-3200

Date of fiscal year end:

Registrant is making a quarterly filing for one of its series, Evergreen Utilities and High Income Fund, for the quarter ended November 30, 2008. This series has August 31 fiscal year end.

Date of reporting period: November 30, 2008

Item 1 – Schedule of Investments

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS 26.8%
CONSUMER DISCRETIONARY 4.9%
Auto Components 0.3%
Cooper Standard Automotive, Inc., 7.00%, 12/15/2012	$	45,000	$	19,800
Cooper Tire & Rubber Co., 7.625%, 03/15/2027		530,000		193,450
Goodyear Tire & Rubber Co.:
7.86%, 08/15/2011		100,000		73,500
9.00%, 07/01/2015		55,000		41,250



				328,000



Automobiles 0.0%
General Motors Corp., 6.75%, 12/01/2014		60,000		19,513



Diversified Consumer Services 0.2%
Carriage Services, Inc., 7.875%, 01/15/2015		145,000		116,725
Service Corporation International, 6.75%, 04/01/2015		10,000		7,650
Sotheby’s, 7.75%, 06/15/2015 144A		90,000		55,481



				179,856



Hotels, Restaurants & Leisure 0.9%
Boyd Gaming Corp., 7.75%, 12/15/2012		15,000		12,450
Caesars Entertainment, Inc.:
7.875%, 03/15/2010		315,000		165,375
8.125%, 05/15/2011		135,000		46,575
Inn of the Mountain Gods Resort & Casino, 12.00%, 11/15/2010		145,000		48,575
Isle of Capri Casinos, Inc., 7.00%, 03/01/2014		216,000		92,880
MGM MIRAGE, 8.50%, 09/15/2010		75,000		42,937
Pinnacle Entertainment, Inc., 8.75%, 10/01/2013		10,000		7,650
Pokagon Gaming Authority, 10.375%, 06/15/2014 144A		50,000		42,500
Seneca Gaming Corp., 7.25%, 05/01/2012		205,000		138,375
Shingle Springs Tribal Gaming Authority, 9.375%, 06/15/2015 144A		330,000		150,150
Universal City Development Partners, Ltd., 11.75%, 04/01/2010		190,000		123,975



				871,442



Household Durables 1.5%
Centex Corp., 5.80%, 09/15/2009		285,000		270,037
D.R. Horton, Inc.:
4.875%, 01/15/2010		125,000		115,000
9.75%, 09/15/2010		270,000		239,625
Hovnanian Enterprises, Inc.:
6.00%, 01/15/2010		90,000		69,300
6.50%, 01/15/2014		61,000		15,555
11.50%, 05/01/2013		30,000		23,100
Lennar Corp.:
5.125%, 10/01/2010		355,000		275,125
7.625%, 03/01/2009		110,000		107,250
Libbey, Inc., FRN, 9.93%, 06/01/2011		270,000		121,500
Meritage Homes Corp., 7.00%, 05/01/2014		185,000		111,925
Pulte Homes, Inc.:
7.875%, 08/01/2011		35,000		30,100
8.125%, 03/01/2011		65,000		56,225



				1,434,742



Internet & Catalog Retail 0.1%
Ticketmaster Entertainment, Inc., 10.75%, 08/01/2016 144A		80,000		40,400



Media 0.8%
Charter Communications, Inc.:
8.00%, 04/30/2012 144A		90,000		64,575
10.875%, 09/15/2014 144A		375,000		270,937

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
CONSUMER DISCRETIONARY continued
Media continued
CSC Holdings, Inc., 7.625%, 04/01/2011	$	80,000	$	71,200
DIRECTV Group, Inc., 7.625%, 05/15/2016		10,000		8,575
Idearc, Inc., 8.00%, 11/15/2016		655,000		57,313
Lamar Media Corp.:
6.625%, 08/15/2015		55,000		40,150
7.25%, 01/01/2013		35,000		27,913
Mediacom, LLC, 7.875%, 02/15/2011		100,000		82,000
R.H. Donnelley Corp., 11.75%, 05/15/2015 144A		240,000		64,800
Sinclair Broadcast Group, Inc., 8.00%, 03/15/2012		170,000		133,025



				820,488



Multiline Retail 0.1%
Macy’s, Inc., 7.875%, 07/15/2015		85,000		57,592
Neiman Marcus Group, Inc., 9.00%, 10/15/2015		85,000		36,550



				94,142



Specialty Retail 0.7%
American Achievement Corp., 8.25%, 04/01/2012 144A		535,000		529,650
AutoZone, Inc., 6.50%, 01/15/2014		10,000		8,666
Best Buy Co., Inc., 6.75%, 07/15/2013 144A		55,000		51,626
Home Depot, Inc., 5.875%, 12/16/2036		120,000		77,803



				667,745



Textiles, Apparel & Luxury Goods 0.3%
Oxford Industries, Inc., 8.875%, 06/01/2011		285,000		203,775
Visant Corp., 7.625%, 10/01/2012		135,000		108,675



				312,450



CONSUMER STAPLES 0.5%
Food Products 0.3%
Dean Foods Co., 6.625%, 05/15/2009		40,000		39,500
Del Monte Foods Co.:
6.75%, 02/15/2015		30,000		24,600
8.625%, 12/15/2012		160,000		145,600
Pilgrim’s Pride Corp., 7.625%, 05/01/2015		190,000		26,600
Smithfield Foods, Inc., 7.75%, 07/01/2017		10,000		5,275
Tyson Foods, Inc., 6.85%, 04/01/2016		100,000		62,933



				304,508



Personal Products 0.0%
Central Garden & Pet Co., 9.125%, 02/01/2013		30,000		17,550



Tobacco 0.2%
Altria Group, Inc.:
9.70%, 11/10/2018		100,000		101,352
9.95%, 11/10/2038		105,000		104,242



				205,594



ENERGY 4.6%
Energy Equipment & Services 0.8%
Bristow Group, Inc., 7.50%, 09/15/2017		240,000		166,800
GulfMark Offshore, Inc., 7.75%, 07/15/2014		225,000		164,250
Hornbeck Offshore Services, Inc., Ser. B, 6.125%, 12/01/2014		181,000		121,722
Parker Drilling Co., 9.625%, 10/01/2013		264,000		219,120
PHI, Inc., 7.125%, 04/15/2013		262,000		161,130



				833,022

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
ENERGY continued
Oil, Gas & Consumable Fuels 3.8%
Chesapeake Energy Corp., 6.875%, 01/15/2016	$	569,000	$	403,990
El Paso Corp.:
7.00%, 06/15/2017		50,000		35,850
7.42%, 02/15/2037		240,000		143,844
Encore Acquisition Co., 6.00%, 07/15/2015		330,000		219,450
Exco Resources, Inc., 7.25%, 01/15/2011		125,000		96,875
Ferrellgas Partners, LP, 6.75%, 05/01/2014 144A		225,000		157,500
Forest Oil Corp.:
7.25%, 06/15/2019 144A		150,000		103,500
7.25%, 06/15/2019		175,000		120,750
Frontier Oil Corp., 6.625%, 10/01/2011		160,000		140,800
Newfield Exploration Co.:
6.625%, 04/15/2016		220,000		161,700
7.125%, 05/15/2018		115,000		82,225
Peabody Energy Corp.:
5.875%, 04/15/2016		315,000		244,125
7.875%, 11/01/2026		105,000		81,375
Petrohawk Energy Corp., 7.875%, 06/01/2015 144A		295,000		209,450
Plains Exploration & Production Co., 7.625%, 06/01/2018		235,000		157,450
Quicksilver Resources, Inc., 8.25%, 08/01/2015		70,000		45,500
Range Resources Corp.:
7.25%, 05/01/2018		45,000		35,944
7.50%, 10/01/2017		20,000		16,500
Sabine Pass LNG, LP:
7.25%, 11/30/2013		500,000		360,000
7.50%, 11/30/2016		25,000		17,375
SandRidge Energy, Inc., 8.00%, 06/01/2018 144A		55,000		35,475
Southwestern Energy Co., 7.50%, 02/01/2018 144A		85,000		72,250
Tesoro Corp.:
6.50%, 06/01/2017		380,000		224,200
6.625%, 11/01/2015		15,000		9,375
Williams Cos.:
7.125%, 09/01/2011		485,000		419,774
8.125%, 03/15/2012		95,000		82,650



				3,677,927



FINANCIALS 4.4%
Capital Markets 0.9%
E*TRADE Financial Corp.:
8.00%, 06/15/2011		5,000		2,950
7.375%, 09/15/2013		5,000		2,275
12.50%, 11/30/2017 144A		210,000		148,050
12.50%, 11/30/2017		30,000		19,800
Goldman Sachs Group, Inc.:
5.125%, 01/15/2015		25,000		20,464
6.15%, 04/01/2018		409,000		334,260
Lehman Brothers Holdings, Inc., 6.875%, 05/02/2018		55,000		5,775
Morgan Stanley:
6.625%, 04/01/2018		415,000		344,750
FRN, 5.23%, 10/15/2015		55,000		37,317



				915,641

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
FINANCIALS continued
Consumer Finance 2.6%
Ford Motor Credit Co., LLC:
5.70%, 01/15/2010	$	635,000	$	368,294
5.80%, 01/12/2009		205,000		182,687
9.75%, 09/15/2010		155,000		78,309
General Electric Capital Corp.:
5.625%, 05/01/2018		100,000		92,369
5.875%, 01/14/2038		250,000		205,303
6.15%, 08/07/2037		75,000		63,703
GMAC, LLC:
5.85%, 01/14/2009		140,000		116,880
6.875%, 09/15/2011		295,000		113,411
6.875%, 08/28/2012		705,000		246,952
7.75%, 01/19/2010		255,000		135,246
FRN, 4.05%, 05/15/2009		385,000		250,731
International Lease Finance Corp.:
4.375%, 11/01/2009		40,000		34,070
4.75%, 07/01/2009		50,000		44,568
4.75%, 01/13/2012		35,000		23,700
4.875%, 09/01/2010		135,000		102,857
5.00%, 04/15/2010		5,000		3,998
5.125%, 11/01/2010		60,000		45,138
5.75%, 06/15/2011		77,000		54,301
6.375%, 03/15/2009		67,000		62,996
Sprint Capital Corp., 6.875%, 11/15/2028		575,000		282,249



				2,507,762



Diversified Financial Services 0.5%
Leucadia National Corp.:
7.125%, 03/15/2017		70,000		58,275
8.125%, 09/15/2015		438,000		382,155



				440,430



Real Estate Investment Trusts (REITs) 0.3%
Host Marriott Corp.:
7.125%, 11/01/2013		105,000		76,913
Ser. Q, 6.75%, 06/01/2016		110,000		73,700
Ventas, Inc., 7.125%, 06/01/2015		180,000		148,500



				299,113



Thrifts & Mortgage Finance 0.1%
Residential Capital, LLC:
8.50%, 05/15/2010 144A		120,000		35,400
9.625%, 05/15/2015 144A		352,000		37,840
Step Bond, 8.375%, 06/30/2010 ††		490,000		49,000



				122,240



HEALTH CARE 1.1%
Health Care Equipment & Supplies 0.0%
Universal Hospital Services, Inc., 8.50%, 06/01/2015		12,000		9,180



Health Care Providers & Services 1.1%
HCA, Inc.:
9.25%, 11/15/2016		375,000		305,625
9.625%, 11/15/2016		320,000		231,200
Humana, Inc., 7.20%, 06/15/2018		275,000		226,376
Omnicare, Inc., 6.125%, 06/01/2013		305,000		253,150



				1,016,351

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
INDUSTRIALS 2.7%
Aerospace & Defense 0.5%
Alliant Techsystems, Inc., 6.75%, 04/01/2016	$	175,000	$	150,500
DRS Technologies, Inc.:
6.625%, 02/01/2016		10,000		9,975
7.625%, 02/01/2018		30,000		29,925
L-3 Communications Holdings, Inc., 5.875%, 01/15/2015		376,000		306,440



				496,840



Building Products 0.1%
Ply Gem Industries, Inc., 11.75%, 06/15/2013		85,000		50,788



Commercial Services & Supplies 0.9%
Allied Waste North America, Inc., 6.875%, 06/01/2017		5,000		4,375
Browning-Ferris Industries, Inc.:
7.40%, 09/15/2035		225,000		163,125
9.25%, 05/01/2021		225,000		208,125
Corrections Corporation of America, 6.75%, 01/31/2014		25,000		22,500
Geo Group, Inc., 8.25%, 07/15/2013		30,000		26,100
Mobile Mini, Inc., 6.875%, 05/01/2015		300,000		214,500
Toll Corp., 8.25%, 02/01/2011		310,000		257,300



				896,025



Machinery 0.7%
Commercial Vehicle Group, Inc., 8.00%, 07/01/2013		1,095,000		695,325



Road & Rail 0.3%
CSX Corp., 8.375%, 10/15/2014		115,000		117,483
Hertz Global Holdings, Inc., 8.875%, 01/01/2014		10,000		5,213
Kansas City Southern, 7.50%, 06/15/2009		195,000		184,762



				307,458



Trading Companies & Distributors 0.2%
United Rentals, Inc., 6.50%, 02/15/2012		200,000		141,000



INFORMATION TECHNOLOGY 1.2%
Communications Equipment 0.2%
EchoStar Corp.:
6.625%, 10/01/2014		100,000		71,750
7.125%, 02/01/2016		50,000		35,750
7.75%, 05/31/2015		100,000		74,000



				181,500



Electronic Equipment, Instruments & Components 0.8%
Da-Lite Screen Co., Inc., 9.50%, 05/15/2011		270,000		240,300
Jabil Circuit, Inc., 8.25%, 03/15/2018		704,000		496,320
Sanmina-SCI Corp., 8.125%, 03/01/2016		65,000		29,575



				766,195



IT Services 0.1%
Lender Processing Services, Inc., 8.125%, 07/01/2016		55,000		46,475
Unisys Corp., 6.875%, 03/15/2010		255,000		105,825



				152,300



Semiconductors & Semiconductor Equipment 0.1%
Spansion, Inc., FRN, 5.94%, 06/01/2013 144A		490,000		105,350



MATERIALS 3.0%
Chemicals 1.2%
Airgas, Inc., 7.125%, 10/01/2018 144A		10,000		8,025
ARCO Chemical Co.:
9.80%, 02/01/2020		490,000		159,250
10.25%, 11/01/2010		30,000		22,650

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
MATERIALS continued
Chemicals continued
Huntsman, LLC:
7.375%, 01/01/2015	$	65,000	$	43,225
11.625%, 10/15/2010		375,000		357,187
Koppers Holdings, Inc., Sr. Disc. Note, Step Bond, 9.875%, 11/15/2014 †		225,000		175,500
Millenium America, Inc., 7.625%, 11/15/2026		400,000		66,000
Momentive Performance Materials, Inc.:
9.75%, 12/01/2014		70,000		27,475
10.125%, 12/01/2014		150,000		45,000
Mosaic Co.:
7.30%, 01/15/2028		260,000		179,779
7.625%, 12/01/2016 144A		83,000		71,482
Tronox Worldwide, LLC, 9.50%, 12/01/2012		170,000		12,750



				1,168,323



Construction Materials 0.7%
CPG International, Inc.:
10.50%, 07/01/2013		695,000		392,675
FRN, 9.90%, 07/01/2012		140,000		79,100
CRH America, Inc., 8.125%, 07/15/2018		100,000		75,500
Texas Industries, Inc., 7.25%, 07/15/2013 144A		110,000		84,150



				631,425



Containers & Packaging 0.4%
Berry Plastics Holdings Corp., 8.875%, 09/15/2014		85,000		45,475
Exopack Holding Corp., 11.25%, 02/01/2014		615,000		390,525



				436,000



Metals & Mining 0.3%
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/2015		65,000		47,177
8.375%, 04/01/2017		345,000		245,276



				292,453



Paper & Forest Products 0.4%
Georgia Pacific Corp., 8.125%, 05/15/2011		120,000		103,200
International Paper Co., 7.95%, 06/15/2018		305,000		239,770
Verso Paper Holdings, LLC, 9.125%, 08/01/2014		190,000		92,150



				435,120



TELECOMMUNICATION SERVICES 1.5%
Diversified Telecommunication Services 0.8%
Citizens Communications Co., 7.875%, 01/15/2027		190,000		94,050
FairPoint Communications, Inc., 13.125%, 04/01/2018 144A		55,000		28,325
Qwest Corp.:
6.50%, 06/01/2017		260,000		183,300
7.50%, 06/15/2023		125,000		80,625
7.875%, 09/01/2011		330,000		273,900
8.875%, 03/15/2012		125,000		103,750



				763,950



Wireless Telecommunication Services 0.7%
Centennial Communications Corp., 8.125%, 02/01/2014		355,000		353,225
Cricket Communications, Inc., 9.375%, 11/01/2014		175,000		139,781
Sprint Nextel Corp.:
6.90%, 05/01/2019		30,000		17,126
Ser. D, 7.375%, 08/01/2015		305,000		122,057
Ser. E, 6.875%, 10/31/2013		185,000		77,741



				709,930

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


CORPORATE BONDS continued
UTILITIES 2.9%
Electric Utilities 2.3%
Allegheny Energy Supply Co., 8.25%, 04/15/2012 144A	$	665,000	$	628,425
Aquila, Inc., Step Bond, 11.875%, 07/01/2012 ††		299,000		291,733
CMS Energy Corp., 8.50%, 04/15/2011		65,000		62,258
Edison Mission Energy, 7.00%, 05/15/2017		20,000		15,100
Energy Future Holdings Corp.:
10.875%, 11/01/2017 144A		105,000		68,250
11.25%, 11/01/2017 144A		225,000		120,937
Mirant Mid-Atlantic, LLC, Ser. C, 10.06%, 12/30/2028		180,244		174,837
Mirant North America, LLC, 7.375%, 12/31/2013		330,000		287,100
NRG Energy, Inc., 7.375%, 02/01/2016		230,000		187,450
Orion Power Holdings, Inc., 12.00%, 05/01/2010		367,000		357,825
Public Service Company of New Mexico, 7.95%, 04/01/2015		80,000		69,723



				2,263,638



Independent Power Producers & Energy Traders 0.5%
AES Corp.:
8.00%, 10/15/2017		20,000		13,900
8.00%, 06/01/2020 144A		115,000		74,175
Dynegy Holdings, Inc., 7.50%, 06/01/2015		10,000		7,000
Reliant Energy, Inc.:
6.75%, 12/15/2014		395,000		319,950
7.625%, 06/15/2014		70,000		53,900
7.875%, 06/15/2017		30,000		21,975



				490,900



Multi-Utilities 0.1%
PNM Resources, Inc., 9.25%, 05/15/2015		60,000		47,400



Total Corporate Bonds (cost $36,908,707)				26,150,016



YANKEE OBLIGATIONS – CORPORATE 4.5%
CONSUMER DISCRETIONARY 0.0%
Media 0.0%
Videotron, Ltd., 9.125%, 04/15/2018 144A		15,000		13,275



ENERGY 1.6%
Energy Equipment & Services 0.5%
Forbes Energy Services, Ltd., 11.00%, 02/15/2015		680,000		445,400



Oil, Gas & Consumable Fuels 1.1%
Connacher Oil & Gas, Ltd., 10.25%, 12/15/2015 144A		245,000		128,625
Griffin Coal Mining Co., Ltd., 9.50%, 12/01/2016 144A		1,494,000		530,370
OPTI Canada, Inc., 7.875%, 12/15/2014		1,085,000		417,725



				1,076,720



FINANCIALS 1.1%
Consumer Finance 0.3%
Avago Technologies Finance, Ltd., FRN, 8.31%, 06/01/2013		140,000		117,250
Petroplus Finance, Ltd., 6.75%, 05/01/2014 144A		120,000		78,000
Virgin Media Finance plc:
8.75%, 04/15/2014		45,000		32,738
9.125%, 08/15/2016		110,000		78,100



				306,088



Diversified Financial Services 0.8%
FMG Finance Property, Ltd., 10.625%, 09/01/2016 144A		890,000		507,300
Ship Finance International, Ltd., 8.50%, 12/15/2013		300,000		211,500



				718,800

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


YANKEE OBLIGATIONS – CORPORATE continued
INDUSTRIALS 0.5%
Road & Rail 0.5%
Kansas City Southern de Mexico:
7.375%, 06/01/2014	$	340,000	$	251,600
9.375%, 05/01/2012		345,000		276,000



				527,600



INFORMATION TECHNOLOGY 0.0%
Communications Equipment 0.0%
Nortel Networks Corp., FRN, 9.00%, 07/15/2011		110,000		36,300



MATERIALS 0.6%
Metals & Mining 0.5%
Evraz Group SA:
8.25%, 11/10/2015 144A		190,000		84,550
8.875%, 04/24/2013 144A		100,000		44,000
9.50%, 04/24/2018 144A		30,000		13,050
Novelis, Inc., 7.25%, 02/15/2015		254,000		148,590
Vedanta Resources plc, 9.50%, 07/18/2018 144A		385,000		190,575



				480,765



Paper & Forest Products 0.1%
Cascades, Inc., 7.25%, 02/15/2013		165,000		93,225



TELECOMMUNICATION SERVICES 0.7%
Wireless Telecommunication Services 0.7%
Intelsat, Ltd.:
8.50%, 04/15/2013 144A		375,000		322,500
8.875%, 01/15/2015 144A		120,000		100,800
Vimpel Communications:
8.375%, 04/30/2013 144A		5,000		2,775
9.125%, 04/30/2018 144A		555,000		246,975



				673,050



UTILITIES 0.0%
Electric Utilities 0.0%
InterGen NV, 9.00%, 06/30/2017 144A		30,000		24,150



Total Yankee Obligations – Corporate (cost $7,822,177)				4,395,373



	Shares	Value


COMMON STOCKS 84.1%
ENERGY 2.5%
Oil, Gas & Consumable Fuels 2.5%
El Paso Corp.	75,000	554,250
Southwestern Energy Co. *	30,000	1,031,100
Williams Cos.	50,000	811,000



		2,396,350



INDUSTRIALS 2.4%
Industrial Conglomerates 2.4%
Otter Tail Corp.	125,000	2,348,750



INFORMATION TECHNOLOGY 0.0%
Communications Equipment 0.0%
Neutral Tandem, Inc.	2,000	29,420

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Shares		Value


COMMON STOCKS continued
TELECOMMUNICATION SERVICES 16.4%
Diversified Telecommunication Services 11.8%
BCE, Inc.		20,000	$	395,800
Chunghwa Telecom Co., Ltd., ADR		121,000		1,892,440
D&E Communications, Inc.		100,000		749,000
Shenandoah Telecommunications Co. +		80,369		1,997,973
Telstra Corp., Ltd.		1,750,000		4,669,572
TELUS Corp.		27,900		884,376
Windstream Corp.		100,000		886,000



				11,475,161



Wireless Telecommunication Services 4.6%
American Tower Corp., Class A *		80,000		2,179,200
Rogers Communications, Inc., Class B		65,000		1,760,200
Sprint Nextel Corp.		200,500		559,395



				4,498,795



UTILITIES 62.8%
Electric Utilities 44.4%
Allegheny Energy, Inc.		100,000		3,525,000
DPL, Inc.		225,000		4,684,500
E.ON AG, ADR		100,000		3,485,000
Edison International		75,000		2,505,000
El Paso Electric Co.		75,000		1,351,500
Enel SpA		500,000		3,137,497
Entergy Corp.		70,000		5,957,000
Exelon Corp.		90,000		5,058,900
FirstEnergy Corp.		47,000		2,753,260
Fortum Oyj		75,000		1,505,834
ITC Holdings Corp.		36,000		1,512,000
Maine & Maritimes Corp.		1,135		40,009
Northeast Utilities		71,900		1,675,270
Southern Co.		150,000		5,448,000
TERNA SpA		250,000		741,988



				43,380,758



Independent Power Producers & Energy Traders 2.0%
Ormat Technologies, Inc.		65,000		1,956,500



Multi-Utilities 12.0%
CenterPoint Energy, Inc.		100,000		1,293,000
PNM Resources, Inc.		50,000		522,500
Puget Energy, Inc.		70,000		1,713,600
Sempra Energy		100,000		4,667,000
Suez Environnement SA		40,000		688,585
United Utilities Group plc		300,000		2,794,038
Wisconsin Energy Corp.		1,500		65,190



				11,743,913



Water Utilities 4.4%
American Water Works Co., Inc.		55,000		1,115,400
Pennichuck Corp.		150,000		3,148,500



				4,263,900



Total Common Stocks (cost $96,905,245)				82,093,547



ESCROW SHARES 0.0%
Mirant Corp. Escrow * + o (cost $0)		5,000,000		0

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)
	Principal Amount		Value


LOANS 2.3%
CONSUMER DISCRETIONARY 0.7%
Ford Motor Co., FRN, 4.43%, 12/15/2013	$	403,732	$	160,734
General Motors Corp., FRN, 5.80%, 11/29/2013		438,883		175,421
Idearc, Inc.:
N/A, 11/13/2013 <		25,000		10,110
FRN, 3.44%-5.77%, 11/17/2014		214,603		70,819
Newsday, LLC, 9.75%, 07/15/2013		150,000		123,333
Tropicana Entertainment, LLC, FRN, 5.75%-8.25%, 01/03/2012		685,000		184,957


				725,374


CONSUMER STAPLES 0.3%
Merisant Co., FRN, 6.92%, 01/11/2010		303,787		273,606


ENERGY 0.2%
Alon Krotz Springs, Inc., FRN, 10.75%, 07/03/2014		90,000		75,030
Semgroup Energy Partners, N/A, 07/20/2012 <		155,000		110,470


				185,500


FINANCIALS 0.1%
Realogy Corp., FRN, 5.71%-7.00%, 09/01/2014		174,558		101,876
INDUSTRIALS 0.3%
Clarke American Corp., FRN, 6.26%-6.38%, 02/28/2014		205,230		127,536
Neff Corp., FRN, 6.40%, 11/30/2014		705,000		155,100


				282,636


INFORMATION TECHNOLOGY 0.1%
Activant Solutions, Inc., FRN, 6.06%-6.875%, 05/02/2013		116,527		72,828


				72,828


MATERIALS 0.6%
Boise Paper Holdings, LLC, FRN, 10.00%-11.00%, 02/15/2015		60,000		45,215
Georgia Pacific Corp., FRN, 2.76%-5.26%, 12/22/2012		100,000		77,250
Graham Packaging Co., N/A, 10/07/2011 <		100,000		78,491
Lyondell Chemical Co., FRN, 7.00%, 12/20/2014 <		896,378		372,517


				573,473


Total Loans (cost $4,084,473)				2,215,293


DEPOSITORY SHARES 0.0%
JPMorgan Chase & Co., 7.90%, 12/31/2049 (cost $40,704)		55,000		43,163






		Shares		Value


SHORT-TERM INVESTMENTS 4.6%
MUTUAL FUND SHARES 4.6%
Evergreen Institutional Money Market Fund, Class I, 2.09% q ø ## (cost $4,500,182)		4,500,182		4,500,182


Total Investments (cost $150,261,488) 122.3%				119,397,574
Other Assets and Liabilities (22.3%)				(21,778,446	)


Net Assets 100.0%			$	97,619,128

144A	Security that may be sold to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. This security has been determined to be liquid under guidelines established by the Board of Trustees, unless otherwise noted.
††	The rate shown is the stated rate at the current period end.
†	Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. An effective interest rate is applied to recognize interest income daily for the bond. This rate is based on total expected interest to be earned over the life of the bond which consists of the aggregate coupon-interest payments and discount at acquisition. The rate shown is the stated rate at the current period end.
*	Non-income producing security
+	Security is deemed illiquid and is valued using market quotations when readily available, unless otherwise noted.
o	Security is valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.
<	All or a portion of the position represents an unfunded loan commitment.
q	Rate shown is the 7-day annualized yield at period end.
ø	Evergreen Investment Management Company, LLC is the investment advisor to both the Fund and the money market fund.
##	All or a portion of this security has been segregated for when-issued or delayed delivery securities and/or unfunded loans.

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)

Summary of Abbreviations

ADR	American Depository Receipt
FRN	Floating Rate Note

The following table shows the percent of total long-term investments by geographic location as of November 30, 2008:

United States	78.3%
Australia	4.5%
Italy	3.4%
Canada	3.0%
Germany	3.0%
United Kingdom	2.7%
Taiwan	1.7%
Finland	1.3%
Bermuda	0.6%
France	0.6%
Mexico	0.5%
Ireland	0.2%
Luxemburg	0.1%
Singapore	0.1%


	100.0%

At November 30, 2008, the Fund had the following credit default swap contracts outstanding:

Expiration	Counterparty	Reference Debt Obligation/Index	Notional Amount		Fixed Payments Made by the Fund	Frequency of Payments Made	Unrealized Gain (Loss)


09/20/2013	Deutsche Bank	General Electric, 4.25%, 05/15/2011	$	65,000	4.00%	Quarterly	$	(1,940	)
12/20/2013	Citigroup	General Electric Capital, 6.00%, 06/15/2012		25,000	4.90%	Quarterly		144
12/20/2013	Citigroup	General Electric Capital, 6.00%, 06/15/2012		90,000	6.65%	Quarterly		6,415
12/20/2013	Goldman Sachs	General Electric Capital, 6.00%, 06/15/2012		75,000	4.50%	Quarterly		(692	)

Expiration	Counterparty	Reference Debt Obligation/Index	Notional Amount		Fixed Payments Received by the Fund	Frequency of Payments Received	Unrealized Gain (Loss)


12/20/2013	Deutsche Bank	Expedia, Inc., 7.46%, 08/01/2018	$	155,000	3.50%	Quarterly	$	15,916
12/20/2013	Goldman Sachs	Humana, Inc., 6.30%, 12/22/2008		155,000	3.75%	Quarterly		642
12/20/2013	Goldman Sachs	Sun Microsystem, Inc., 0.75%, 02/01/2014		130,000	1.55%	Quarterly		3,461
12/20/2013	JPMorgan	Expedia, Inc., 7.46%, 08/01/2018		95,000	5.35%	Quarterly		3,059
12/20/2013	UBS	Motorola, Inc., 6.50%, 09/01/2025		150,000	2.55%	Quarterly		6,310
12/20/2013	UBS	Motorola, Inc., 6.50%, 09/01/2025		110,000	2.58%	Quarterly		4,488
12/20/2013	UBS	Pulte Homes, Inc., 5.25%, 01/15/2014		240,000	2.45%	Quarterly		18,832
12/20/2013	UBS	Pulte Homes, Inc., 5.25%, 01/15/2014		80,000	2.43%	Quarterly		6,339

On November 30, 2008, the aggregate cost of securities for federal income tax purposes was $150,953,498. The gross unrealized appreciation and depreciation on securities based on tax cost was $4,252,706 and $35,808,629, respectively, with a net unrealized depreciation of $31,555,923.

Valuation of investments

Listed equity securities are usually valued at the last sales price or official closing price on the national securities exchange where the securities are principally traded.

Foreign securities traded on an established exchange are valued at the last sales price on the exchange where the security is primarily traded. If there has been no sale, the securities are valued at the mean between bid and asked prices. Foreign securities may be valued at fair value according to procedures approved by the Board of Trustees if the closing price is not reflective of current market values due to trading or events occurring in the foreign markets between the close of the established exchange and the valuation time of the Fund. In addition, substantial changes in values in the U.S. markets subsequent to the close of a foreign market may also affect the values of securities traded in the foreign market. The value of foreign securities may be adjusted if such movements in the U.S. market exceed a specified threshold.

EVERGREEN UTILITIES AND HIGH INCOME FUND SCHEDULE OF INVESTMENTS continued



November 30, 2008 (unaudited)

Portfolio debt securities acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as similar security prices, yields, maturities, liquidity and ratings. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of market value obtained from yield data relating to investments or securities with similar characteristics.

Short-term securities with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates market value.

Investments in open-end mutual funds are valued at net asset value. Securities for which market quotations are not readily available or not reflective of current market value are valued at fair value as determined by the investment advisor in good faith, according to procedures approved by the Board of Trustees.

Foreign currency translation

All assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

When-issued and delayed delivery transactions

The Fund records when-issued or delayed delivery securities as of trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Loans

The Fund may purchase loans through an agent, by assignment from another holder of the loan or as a participation interest in another holder’s portion of the loan. Loans are purchased on a when-issued or delayed delivery basis. Interest income is accrued based on the terms of the securities. Fees earned on loan purchasing activities are recorded as income when earned. Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

As of November 30, 2008, the Fund had unfunded loan commitments of $273,663.

Credit default swaps

The Fund may enter into credit default swap contracts. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index in the event of default or bankruptcy. Under the terms of the swap, one party acts as a guarantor and receives a periodic stream of payments that is a fixed percentage applied to a notional principal amount over the term of the swap. The guarantor agrees to purchase the notional amount of the underlying instrument or index, at par, if a credit event occurs during the term of the swap. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The Fund may enter into credit default swaps as either the guarantor or the counterparty.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. As guarantor, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As counterparty, the Fund could be exposed to risks if the guarantor defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index.

Valuation hierarchy

On September 1, 2008, the Fund implemented Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a single authoritative definition of fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 establishes a fair value hierarchy based upon the various inputs used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of November 30, 2008 the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

	Investments in		Other Financial
Valuation Inputs	Securities		Instruments*


Level 1 – Quoted Prices	$	86,593,729	$	0
Level 2 – Other Significant Observable Inputs		32,803,845		62,974
Level 3 – Significant Unobservable Inputs		0		0


Total	$	119,397,574	$	62,974

*	Other financial instruments include swap contracts.

Item 2 - Controls and Procedures

(a)

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 - Exhibits

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)	Separate certifications for the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Evergreen Utilities and High Income Fund


By:
	W. Douglas Munn Principal Executive Officer

Date: January 29, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
	W. Douglas Munn Principal Executive Officer

Date: January 29, 2009


By:
	Kasey Phillips Principal Financial Officer

Date: January 29, 2009